Meta Employee Layoffs Again?

Meta is going layoff around 13 percent of employees in its second round of job layoffs while the first wave might begin next week and it will impact non-engineering roles. The reports also say that Meta is planning additional lay off in multiple rounds over the coming months. In addition to these layoffs, "the company is also expected to shut down some projects and teams," the article stated.

The job cuts will affect Reality Labs' wearable device projects as well as Meta's hardware and Metaverse vertical, which is now loosing billions of dollars.

Yet it's still unclear how many jobs will be lost in total throughout the course of the second quarter. Susan Li, chief financial officer of Meta, said at a Morgan Stanley conference on Thursday, "We're continuing to look throughout the company, across both Family of Apps and Reality Labs, and truly review if we are investing our resources towards the greatest leverage opportunities.

Li continued, "This will force us to make some difficult decisions to wind down projects in some regions and to reallocate resources away from some teams.

In its "year of efficiency," as envisioned by its founder and CEO Mark Zuckerberg, Meta is going to substantially reduce staff after laying off 11,000 employees in November of last year. Zuckerberg stated that "I simply think we've reached kind of a phase transition for the firm" in his most recent quarterly earnings call with analysts.